While mining and energy companies already use digital technologies, such as self-driving trucks to haul ore or integrated sensors to monitor pipeline, machinery or equipment integrity, much more could be done.
According to the World Economic Forum, new technology investments were key in driving productivity gains in the decade after the 2008 global economic crisis. But productivity wasn’t uniform across industry players. The gains were actually driven by the top 20 per cent in each industry with the majority seeing their productivity drop.At a minimum, Canadian companies need to double, if not triple, their planned digital investments.
Investments in cloud technology, for example, can deliver noticeable returns quickly because it’s very effective for eliminating friction in business processes; it doesn’t require a lot of IT resources and isn’t complex. But, that’s not enough to move the dial; that’s just the starting point. They need to capitalize on the benefits from new exponential technologies, such as robotics, artificial intelligence , machine learning, machine-to-machine communication and the Internet of Things .Robotics and M2M capabilities can speed up production, while IoT facilitates predictive maintenance, reduces downtime and costs, and provides greater visibility into production and delivery.
Finance Finance Latest News, Finance Finance Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: CTVNews - 🏆 1. / 99 Read more »
Source: globeandmail - 🏆 5. / 92 Read more »